Bank of America say they remain bearish US stocks, investors are too bullish, Fed not done

I had this earlier from Bank of America on their Federal Open Market Committee (FOMC) outlook:

• Bank of America says the Federal Reserve could take Fed Funds to 6% in the next 12 months

With high inflation sticky, BoA argue the risk is for further Fed rate hikes:

• "We remain bearish; still think biggest 'pain trade' next 12 months Fed funds 6% not 3%,"

BoA add that investors have become too bullish and characterize January - March as

• Q1 recession fear

and April to June as

• Q2 Goldilocks greed

Say on narrow breadth,

• S&P breaking out bull market bubbly (though ex-Magnificent 7 up more sober 1% YTD)

And, the

• "Fed ain't done with hikes
• … we stick with 'sell the last rate hike' call,"